Olustee, Oklahoma Property Taxes
The median property tax rate in Olustee, OK is 0.84%, which is lower than both the national median of 0.99% and the Oklahoma state median of 0.97%. With a median home value of $38,594 in Olustee, the typical annual property tax bill is $281, significantly below the national median of $2,690. Property taxes in Olustee are calculated based on the tax assessed value, often lower than market value due to exemptions like the primary residence and agricultural exemptions. Understanding Olustee's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Olustee or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Olustee, Oklahoma Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$324
Ownwell’s Olustee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Olustee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Olustee to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Olustee, Oklahoma
Property taxes in Olustee, Oklahoma, are essential for funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Olustee is 0.84%, which is lower than the U.S. national median of 0.99%. Local government entities within Olustee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Olustee estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Olustee's effective property tax rate to other counties in Oklahoma and the national median. For comparison, the highest median property tax rate in Jackson County is also 0.84%, found in the zip code 73560, while the lowest median tax rate in the county is the same. Understanding how these cities compare with Olustee provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Olustee Tax Rate
0.84%
Average Jackson County Tax Rate
0.91%
Average Oklahoma Tax Rate
0.97%
Average United States Tax Rate
0.99%
Property Tax Rates Across Olustee, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73560 | 0.49% | 0.67% | 0.84% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Olustee, Oklahoma
In Olustee, Oklahoma, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Jackson County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Olustee, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Olustee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Olustee are both $281, found in the 73560 zip code.
Average Olustee Assessed Value
$38,594
Average Jackson County Assessed Value
$62,313
Average Oklahoma Assessed Value
$137,280
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Olustee, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73560 | $16,893 | $23,834 | $38,594 | $70,766 | $137,428 |
Source: Ownwell
Property Tax Bills Across Olustee, Oklahoma
In Olustee, Jackson County, OK, property tax bills are calculated based on the assessed value of a property, which is derived from its market value. The median home price in Olustee is $38,594. Property tax rates are applied to this assessed value to determine the annual tax bill. Factors such as the property's location, improvements, and land value play a crucial role in this assessment. For homeowners in Olustee, the property tax bill can vary significantly. The 25th percentile tax bill is around $180, while the 75th percentile reaches $559. At the 90th percentile, homeowners might pay up to $1,071. The highest and lowest median tax bills in Olustee both stand at $281, indicating a relatively consistent tax environment within the area. Compared to the national median property tax rate of 0.99%, Olustee's rates can be considered moderate, directly impacting homeowners' annual financial planning and budgeting.
Average Olustee Tax Bill
$281
Average Jackson County Tax Bill
$496
Average Oklahoma Tax Bill
$1,269
Average United States Tax Bill
$2,690
Property Tax Bills Across Olustee, Oklahoma
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 73560 | $122 | $180 | $281 | $559 | $1,071 |
Source: Ownwell